| This report should not be construed as providing investment
advice. It is for educational purposes only.
Before making any investment decision, you should always do your own
research or consult a investment professional. |
|
|
| See
my website on stocks or see my blog at the following sites. |
|
|
www.spbrunner.com/stocks.html |
|
www.spbrunner.blogspot.com/ |
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|
| Bell Aliant
Regional Communications Income |
|
www.bell.aliant.ca/ |
|
BA.UN |
|
Fiscal Yr: |
Dec 31 |
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|
| Year |
12/31/98 |
12/31/99 |
12/31/00 |
12/31/01 |
12/31/02 |
12/31/03 |
12/31/04 |
12/31/05 |
12/31/06 |
12/31/07 |
12/31/08 |
12/31/09 |
12/31/10 |
12/31/11 |
|
|
|
|
|
|
|
| Revenue* |
$1,723.8 |
$2,026.3 |
$2,274.2 |
$2,601.6 |
$2,046.5 |
$2,069.4 |
$2,033.4 |
$2,096.7 |
$3,356.0 |
$3,373.0 |
$3,282.0 |
$3,174.0 |
|
|
|
56.64% |
<-Total Growth |
10 |
Revenues |
|
|
| Increase |
7.06% |
17.55% |
12.23% |
14.40% |
-21.34% |
1.12% |
-1.74% |
3.11% |
60.06% |
0.51% |
-2.70% |
-3.29% |
|
|
|
4.59% |
<-IRR #YR-> |
10 |
Revenues |
|
|
| Rev per Share |
$13.68 |
$15.90 |
$16.93 |
$18.92 |
$14.67 |
$15.49 |
$15.32 |
$16.49 |
$27.04 |
$27.18 |
$24.79 |
$24.94 |
|
|
|
9.31% |
<-IRR #YR-> |
5 |
Revenues |
|
|
| P/S (Price/Sales) |
1.54 |
1.57 |
1.96 |
1.58 |
1.72 |
2.07 |
1.81 |
1.82 |
1.00 |
1.08 |
0.95 |
1.12 |
|
|
|
4.61% |
<-IRR #YR-> |
10 |
Revenues |
|
|
| Averages |
|
|
|
|
|
|
|
P/S |
10 yr Ave |
1.51 |
5 yr Ave |
1.19 |
|
|
|
10.24% |
<-IRR #YR-> |
5 |
Revenues |
|
|
| *Revenue
in M CDN$ Operating Revenues (after 2005 taken from full ann. Report) |
|
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| |
|
####### |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$3,174.0 |
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| |
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|
-$2,033.4 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$3,174.0 |
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|
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|
|
-$15.90 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$24.94 |
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|
-$15.32 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$24.94 |
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|
Yr 2011 |
Yr 2012 |
|
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|
|
| Distributable
Cash |
|
|
|
|
|
|
|
$1.65 |
$3.04 |
$3.14 |
$3.39 |
$3.34 |
$3.22 |
|
105.45% |
<-Total Growth |
3 |
Dist. Cash |
|
|
| Increase |
|
|
|
|
|
|
|
|
|
84.24% |
3.29% |
7.96% |
-1.47% |
-3.59% |
|
|
|
|
Dist. Cash |
|
|
| Payout Ratio DC |
|
|
|
|
|
|
|
|
117.1% |
92.5% |
92.2% |
85.6% |
82.3% |
59.0% |
|
96.85% |
<-Average |
4 |
Dist. Cash |
|
|
| P/DI |
|
|
|
|
|
|
|
|
16.34 |
9.68 |
7.50 |
8.27 |
|
|
|
#NUM! |
<-IRR #YR-> |
10 |
Dist. Cash |
|
|
| Trailing P/DI |
|
|
|
|
|
|
|
|
|
17.84 |
7.75 |
8.93 |
|
|
|
27.13% |
<-IRR #YR-> |
3 |
Dist. Cash |
|
|
| Distributable
Cash (DI) per share, now cash flow from Operating Activivies. |
|
Payout |
96.85% |
P/E: Y-T |
10.45 |
11.5 |
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| |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$3.39 |
|
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| |
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|
|
-$1.65 |
$0.00 |
$0.00 |
$3.39 |
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| |
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| EPS* |
$1.36 |
$1.17 |
$1.64 |
$0.83 |
$1.21 |
$2.16 |
$0.96 |
$1.46 |
$1.31 |
$3.14 |
$1.93 |
$2.10 |
$2.03 |
$1.50 |
M |
79.49% |
<-Total Growth |
10 |
Earnings |
|
|
| Increase |
-186.08% |
-13.97% |
40.17% |
-49.39% |
45.78% |
78.51% |
-55.56% |
52.08% |
-10.27% |
139.69% |
-38.54% |
8.81% |
-3.33% |
-26.11% |
|
6.02% |
<-IRR #YR-> |
10 |
Earnings |
|
|
| * ESP per
share (Cdn GAAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16.95% |
<-IRR #YR-> |
5 |
Earnings |
|
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| |
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|
|
|
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|
|
|
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| |
|
-$1.17 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$2.10 |
|
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| |
|
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|
|
-$0.96 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$2.10 |
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| |
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|
| Div* |
$0.75 |
$0.83 |
$0.90 |
$0.90 |
$1.00 |
$1.10 |
$1.10 |
$1.18 |
$1.93 |
$2.81 |
$2.89 |
$2.90 |
$2.75 |
$1.90 |
|
248.64% |
<-Total Growth |
10 |
Dividends |
|
|
| Increase |
1.35% |
10.67% |
8.43% |
0.00% |
11.11% |
10.00% |
0.00% |
7.27% |
63.80% |
45.56% |
2.86% |
0.23% |
-5.19% |
-30.91% |
|
14.93% |
<-Average |
10 |
Dividends |
|
|
| Aver H/L |
$24.00 |
$23.53 |
$33.20 |
$32.33 |
$28.65 |
$29.50 |
$28.78 |
$28.01 |
$31.31 |
$29.93 |
$25.80 |
$25.53 |
|
|
|
|
|
|
Dividends |
|
|
| Yield H/L |
3.13% |
3.53% |
2.71% |
2.78% |
3.49% |
3.73% |
3.82% |
4.21% |
6.17% |
9.40% |
11.22% |
11.36% |
|
|
|
5.89% |
<-Average |
10 |
Dividends |
|
|
| Yield on Cl |
3.57% |
3.32% |
2.71% |
3.00% |
3.96% |
3.43% |
3.96% |
3.94% |
7.17% |
9.56% |
12.29% |
10.35% |
10.79% |
7.45% |
|
6.04% |
<-Average |
10 |
Dividends |
|
|
| Payout Ratio |
55.1% |
70.9% |
54.9% |
108.4% |
82.6% |
50.9% |
114.6% |
80.8% |
147.5% |
89.6% |
149.9% |
138.1% |
135.5% |
126.7% |
|
101.75% |
<-Average |
10 |
Dividends |
|
|
| Payout Ratio CF |
21.0% |
24.3% |
25.7% |
24.4% |
24.4% |
19.7% |
25.1% |
28.6% |
176.8% |
168.3% |
152% |
56.4% |
83.1% |
51.4% |
|
13.33% |
<-IRR #YR-> |
10 |
Dividends |
|
|
| Averages |
|
|
|
|
|
|
Yield |
8.47% |
8.66% |
Payout |
121.20% |
116% |
|
|
|
21.40% |
<-IRR #YR-> |
5 |
Dividends |
|
|
| * Dividends per share |
|
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| |
|
-$0.83 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$2.90 |
|
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| |
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|
-$1.10 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$2.90 |
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| H/LYield held
5 yrs |
|
|
7.50% |
6.45% |
4.58% |
4.68% |
3.55% |
5.98% |
9.82% |
9.81% |
10.08% |
9.82% |
|
|
Ave H/L |
Yield on your |
|
Dividends |
|
|
| H/LYield held 10 yrs |
|
|
|
|
|
|
|
|
16.11% |
18.15% |
12.06% |
12.33% |
8.28% |
|
|
Ave H/L |
original money |
|
Dividends |
|
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|
| Graham Price |
$15.90 |
$15.11 |
$19.21 |
$14.74 |
$18.06 |
$24.30 |
$16.02 |
$19.10 |
$31.36 |
$49.44 |
$37.03 |
$39.11 |
$38.21 |
|
|
25.95% |
<-Average |
10 |
Graham price |
|
|
| Prem /Disc. |
32.04% |
65.42% |
73.11% |
103.41% |
39.85% |
32.08% |
73.53% |
56.75% |
-14.02% |
-40.47% |
-36.41% |
-28.34% |
-33.29% |
|
|
Cl Pr higher/lower by? |
|
Graham price |
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| |
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|
| Price Cl |
$21.00 |
$25.00 |
$33.25 |
$29.98 |
$25.25 |
$32.10 |
$27.80 |
$29.94 |
$26.96 |
$29.43 |
$23.55 |
$28.03 |
$25.49 |
$25.49 |
I |
12.12% |
<-Total Growth |
10 |
Stock Price |
|
|
| Increase |
13.51% |
19.05% |
33.00% |
-9.83% |
-15.78% |
27.13% |
-13.40% |
7.70% |
-9.95% |
9.16% |
-19.98% |
19.02% |
-9.06% |
0.00% |
|
1.15% |
<-IRR #YR-> |
10 |
Stock Price |
|
|
| P/E |
15.44 |
21.37 |
20.27 |
36.12 |
20.87 |
14.86 |
28.96 |
20.51 |
20.58 |
9.37 |
12.20 |
13.35 |
12.56 |
16.99 |
|
0.16% |
<-IRR #YR-> |
5 |
Stock Price |
|
|
| Trailing P/E |
-13.29 |
18.38 |
28.42 |
18.28 |
30.42 |
26.53 |
12.87 |
31.19 |
18.47 |
22.47 |
7.50 |
14.52 |
12.14 |
12.56 |
|
7.00% |
<-IRR #YR-> |
10 |
Price & Div |
|
|
| Median 5 Yrs |
|
|
|
|
|
|
|
Price Inc |
0.08 |
P/E: Y-T |
13.35 |
18.47 |
|
|
|
8.31% |
<-IRR #YR-> |
5 |
Price & Div |
|
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| |
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| |
|
-$25.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$28.03 |
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| |
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|
-$27.80 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$28.03 |
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| |
|
-$25.00 |
$0.90 |
$0.90 |
$1.00 |
$1.10 |
$1.10 |
$1.18 |
$1.93 |
$2.81 |
$2.89 |
$30.93 |
|
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| |
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|
-$27.80 |
$1.18 |
$1.93 |
$2.81 |
$2.89 |
$30.93 |
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|
| Hi Mths |
Jun |
Jun/Dec |
Apr |
Mar |
May |
Nov |
Feb |
Sep/Dec |
Jul |
Apr |
Apr |
Dec |
|
|
|
|
|
|
|
|
|
| Price Hi |
$30.00 |
$25.20 |
$41.35 |
$36.00 |
$31.25 |
$32.35 |
$32.21 |
$29.94 |
$35.79 |
$32.67 |
$30.30 |
$28.03 |
|
|
|
11.23% |
<-Total Growth |
10 |
Stock Price |
|
|
| Increase |
62.16% |
-16.00% |
64.09% |
-12.94% |
-13.19% |
3.52% |
-0.43% |
-7.05% |
19.54% |
-8.72% |
-7.25% |
-7.49% |
|
|
|
1.07% |
<-IRR #YR-> |
10 |
Stock Price |
|
|
| P/E |
22.06 |
21.54 |
25.21 |
43.37 |
25.83 |
14.98 |
33.55 |
20.51 |
27.32 |
10.40 |
15.70 |
13.35 |
|
|
|
-2.74% |
<-IRR #YR-> |
5 |
Stock Price |
|
|
| Trailing P/E |
-18.99 |
18.53 |
35.34 |
21.95 |
37.65 |
26.74 |
14.91 |
31.19 |
24.51 |
24.94 |
9.65 |
14.52 |
|
|
|
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|
|
|
|
|
| Median 5 Yrs |
|
|
|
|
|
|
|
Price Inc |
-0.07 |
P/E: Y-T |
15.70 |
24.51 |
|
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| |
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| |
|
-$25.20 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$28.03 |
|
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| |
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|
|
-$32.21 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$28.03 |
|
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| |
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|
|
| Low Mths |
May/Oct |
Jun-Nov |
Jan |
Sep |
Jul |
Jan |
Aug-Sep |
May-Oct |
Dec |
Jan |
Dec |
Apr |
|
|
|
|
|
|
|
|
|
| Price Low |
$18.00 |
$21.85 |
$25.05 |
$28.65 |
$26.05 |
$26.65 |
$25.35 |
$26.08 |
$26.83 |
$27.19 |
$21.30 |
$23.03 |
|
|
|
5.40% |
<-Total Growth |
10 |
Stock Price |
|
|
| Increase |
44.00% |
21.39% |
14.65% |
14.37% |
-9.08% |
2.30% |
-4.88% |
2.88% |
2.88% |
1.34% |
-21.66% |
8.12% |
|
|
|
0.53% |
<-IRR #YR-> |
10 |
Stock Price |
|
|
| P/E |
13.24 |
18.68 |
15.27 |
34.52 |
21.53 |
12.34 |
26.41 |
17.86 |
20.48 |
8.66 |
11.04 |
10.97 |
|
|
|
-1.90% |
<-IRR #YR-> |
5 |
Stock Price |
|
|
| Trailing P/E |
-11.39 |
16.07 |
21.41 |
17.47 |
31.39 |
22.02 |
11.74 |
27.17 |
18.38 |
20.76 |
6.78 |
11.93 |
|
|
|
|
|
|
|
|
|
| Median 5 Yrs |
|
|
|
|
|
|
|
Price Inc |
0.03 |
P/E: Y-T |
11.04 |
18.38 |
|
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| |
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| |
|
-$21.85 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$23.03 |
|
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| |
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-$25.35 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$23.03 |
|
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| |
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| Market Cap |
$2,646 |
$3,186 |
$4,468 |
$4,123 |
$3,523 |
$4,289 |
$3,690 |
$3,806 |
$3,346 |
$3,653 |
$3,117 |
$3,567 |
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*shares for unit + bus acq. |
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| # of Sh in M |
126.02 |
127.45 |
134.37 |
137.54 |
139.51 |
133.62 |
132.74 |
127.14 |
124.12 |
124.12 |
132.37 |
127.26 |
127.38 |
127.38 |
|
|
|
|
Shares |
|
|
| Increase |
|
1.14% |
5.42% |
2.36% |
1.44% |
-4.23% |
-0.65% |
-4.22% |
-2.37% |
0.00% |
6.64% |
-3.86% |
0.10% |
0.00% |
|
0.05% |
<-Average |
10 |
Shares |
|
|
| CF fr Op $M |
$450.05 |
$434.98 |
$469.70 |
$508.11 |
$571.74 |
$746.80 |
$581.92 |
$524.33 |
$135.70 |
$207.5 |
$251.7 |
$655.00 |
$421.6 |
$471.32 |
|
50.58% |
<-Total Growth |
10 |
Cash Flow |
|
|
| OPS |
$3.57 |
$3.41 |
$3.50 |
$3.69 |
$4.10 |
$5.59 |
$4.38 |
$4.12 |
$1.09 |
$1.67 |
$1.90 |
$5.15 |
$3.31 |
$3.70 |
I |
50.81% |
<-Total Growth |
10 |
Cash Flow |
|
|
| Increase |
|
-4.44% |
2.43% |
5.68% |
10.93% |
36.38% |
-21.57% |
-5.92% |
-73.49% |
52.91% |
13.74% |
171% |
-36% |
12% |
|
4.19% |
<-IRR #YR-> |
10 |
Cash Flow |
|
|
| P/O on Cl |
5.88 |
7.33 |
9.51 |
8.12 |
6.16 |
5.74 |
6.34 |
7.26 |
24.66 |
17.60 |
12.38 |
5.45 |
7.70 |
6.89 |
|
3.26% |
<-IRR #YR-> |
5 |
Cash Flow |
|
|
| Averages |
P/CF lower, better |
|
|
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|
|
|
P/CF |
10 yr Ave |
10.32 |
5 yr Ave |
13.47 |
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| *Operational
Cash Flow per share (This makes no sense when
stock became an income trust in 2008) |
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-$3.41 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$5.15 |
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-$4.38 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$5.15 |
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| OPM |
26.11% |
21.47% |
20.65% |
19.53% |
27.94% |
36.09% |
28.62% |
25.01% |
4.04% |
6.15% |
7.67% |
20.64% |
|
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|
|
OPM |
|
|
| Increase |
32.98% |
9.33% |
5.19% |
-0.52% |
42.30% |
83.81% |
45.76% |
27.37% |
-79.41% |
-68.67% |
-60.94% |
5% |
|
|
|
0.00% |
<-Average |
10 |
OPM |
|
|
| *Operational
Profit Margin (CF/Revenue) Ratio |
|
|
|
|
OPM |
10 Yrs |
19.63% |
5 Yrs |
12.70% |
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|
Q2 2010 |
|
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|
|
| Curr Assets |
$387.87 |
$495.83 |
$784.64 |
$702.51 |
$785.69 |
$751.70 |
$668.30 |
$562.37 |
$29.20 |
$33.6 |
$50.1 |
$58.9 |
$58.7 |
|
|
Liq ratio of 1.5 and up, best |
|
Assets |
|
|
| Curr Liab. |
$598.54 |
$657.61 |
$737.89 |
$499.86 |
$461.70 |
$380.30 |
$429.17 |
$338.38 |
$29.40 |
$30.2 |
$30.9 |
$30.8 |
$30.9 |
|
|
1.50 |
<-Average |
10 |
Liabilities |
|
|
| Liquidity |
0.65 |
0.75 |
1.06 |
1.41 |
1.70 |
1.98 |
1.56 |
1.66 |
0.99 |
1.11 |
1.62 |
1.91 |
1.90 |
|
|
1.46 |
<-Average |
5 |
Ratio |
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| |
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| Assets |
$2,677.0 |
$2,875.0 |
$3,729.6 |
$3,651.8 |
$3,741.7 |
$3,066.3 |
$2,937.1 |
$2,866.9 |
$4,170.2 |
$4,324.1 |
$4,211.6 |
$4,151.6 |
$4,103.1 |
|
|
A/L ratio of 1.5 and up, best |
|
Assets |
|
|
| Liab. |
$1,635.4 |
$1,769.2 |
$2,386.2 |
$2,052.0 |
$2,071.1 |
$1,442.4 |
$1,359.8 |
$1,455.0 |
$29.4 |
$30.2 |
$30.9 |
$30.9 |
$30.9 |
|
|
56.71 |
<-Average |
10 |
Liabilities |
|
|
| Asset/Liability R. |
1.64 |
1.63 |
1.56 |
1.78 |
1.81 |
2.13 |
2.16 |
1.97 |
141.84 |
143.18 |
136.30 |
134.36 |
132.79 |
|
|
111.53 |
<-Average |
5 |
Ratio |
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| |
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| Book Value |
$1,041.6 |
$1,105.8 |
$1,343.4 |
$1,599.8 |
$1,670.6 |
$1,623.9 |
$1,577.3 |
$1,411.9 |
$4,140.8 |
$4,293.9 |
$4,180.7 |
$4,120.7 |
$4,072.2 |
|
|
272.64% |
<-Total Growth |
0 |
Book Value |
|
|
| BV per share |
$8.27 |
$8.68 |
$10.00 |
$11.63 |
$11.97 |
$12.15 |
$11.88 |
$11.11 |
$33.36 |
$34.59 |
$31.58 |
$32.38 |
$31.97 |
|
|
273.20% |
<-Total Growth |
10 |
Book Value |
|
|
| Change |
|
4.97% |
15.24% |
16.34% |
2.94% |
1.50% |
-2.23% |
-6.54% |
200.41% |
3.70% |
-8.70% |
2.52% |
-1.27% |
|
|
0.4566 |
Current/Historical |
|
Book Value |
|
|
| P/BV (CL) |
2.54 |
2.88 |
3.33 |
2.58 |
2.11 |
2.64 |
2.34 |
2.70 |
0.81 |
0.85 |
0.75 |
0.87 |
0.80 |
|
|
14.08% |
<-IRR #YR-> |
10 |
Book Value |
|
|
| Change |
|
13.42% |
15.41% |
-22.50% |
-18.19% |
25.25% |
-11.42% |
15.24% |
-70.03% |
5.27% |
-12.35% |
16.10% |
-7.89% |
|
|
22.20% |
<-IRR #YR-> |
5 |
Book Value |
|
|
| Leverage (A/BV) |
2.57 |
2.60 |
2.78 |
2.28 |
2.24 |
1.89 |
1.86 |
2.03 |
1.01 |
1.01 |
1.01 |
1.01 |
1.01 |
|
|
1.71 |
<-Average |
10 |
A/BV Leverage |
|
| Averages |
|
|
|
|
|
|
|
P/BV |
10 yr Ave |
1.90 |
5 yr Ave |
1.19 |
|
|
|
1.21 |
<-Average |
5 |
A/BV Leverage |
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| |
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| |
|
-$8.68 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$32.38 |
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| |
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|
-$11.88 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$32.38 |
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| ROE |
16.5% |
13.4% |
16.2% |
7.6% |
10.6% |
18.9% |
8.7% |
14.1% |
3.9% |
11.7% |
6.0% |
7.0% |
6.6% |
|
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|
|
|
ROE |
|
|
| 5Yr Running Ave |
|
|
|
|
12.4% |
13.2% |
12.3% |
11.9% |
9.4% |
10.0% |
8.0% |
7.7% |
7.1% |
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|
ROE |
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| Net Income |
$171.71 |
$148.23 |
$217.12 |
$120.93 |
$177.58 |
$306.21 |
$137.04 |
$199.36 |
$163.1 |
$502.9 |
$251.4 |
$289.0 |
$135.1 |
|
|
Income Statement |
|
|
|
|
| Oper C. F. |
$450.05 |
$434.98 |
$469.70 |
$508.11 |
$571.74 |
$746.80 |
$581.92 |
$524.33 |
$135.7 |
$207.5 |
$251.7 |
$655.0 |
-$1.8 |
|
|
Cash Flow Statement |
|
|
|
|
| Invest. C. F |
-$464.92 |
-$410.82 |
-$986.87 |
-$441.12 |
-$370.75 |
-$434.84 |
-$314.34 |
-$364.72 |
$0.0 |
-$282.9 |
$370.1 |
$370.1 |
$186.9 |
|
|
Cash Flow Statement |
|
|
|
|
| Accruals |
$187 |
$124 |
$734 |
$54 |
-$23 |
-$6 |
-$131 |
$40 |
$27 |
$578 |
-$370.4 |
-$736.1 |
-$50.0 |
|
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|
|
| Total Assets |
$2,677.0 |
$2,875.0 |
$3,729.6 |
$3,651.8 |
$3,741.7 |
$3,066.3 |
$2,937.1 |
$2,866.9 |
$4,170 |
$4,324 |
$4,212 |
$4,152 |
$2,052 |
|
|
Balance Sheet |
|
|
|
|
| Accruals Ratio |
6.97% |
4.32% |
19.69% |
1.48% |
-0.63% |
-0.19% |
-4.44% |
1.39% |
0.66% |
13.37% |
-8.79% |
-17.73% |
-2.44% |
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| Fin. C. F. |
|
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|
|
-$288 |
-$135 |
$833 |
-$367 |
-$367 |
-$182 |
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| Accurals |
|
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|
|
$328 |
$162 |
-$255 |
-$4 |
-$369 |
$132 |
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| Accruals Ratio |
|
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|
|
|
11.43% |
3.89% |
-5.89% |
-0.09% |
-8.90% |
6.41% |
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| Cash Flow
statement with negative Operations CF, postive Investment CF, negative
Finance CF is consistent with a company downsizing. (Going out of business?) |
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| The company
anticipates that the conversion to a corporation will be effective on or by
January 1, 2011. |
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| The last
time I looked at this stock, I got estimates for 2010 and 2011 of $2.10 and
$41.51 for earnings, $3.34 and 3.22 for dis cash $3.31 and $2.24 for CF. |
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| An Analyst
remarked that the accounting for this company was rather opaque. Considering how much I have in purple for
2009 etc, I believe. A lot does not
make sense. |
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| Plans to
convert to Corp. Jan 2011 and reduce dividends to .475 per quarter or $1.90
per year. This is expected to be 85%
of Cash Flow ($2.24 per share) |
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| Jun
5, 2010. When I last look at this stock in Feb 2009, I got 2009 and 2010
estimates $1.75 and $1.75 for earnings and $3.40 and $3.47 for Dist.
Cash. |
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| 2006. Changed to an Income trust. Drop in November of share price is
annoucement to stop Income Trusts and 4 years to convert back. |
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| 2005. Why would I want this stock. No earnings or revenue growth over 5 or 10
years. Stock growth negative to losey. |
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| Income Trust
from July 2006 |
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| How they make
their money. |
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| Aliant is
one of North America's largest regional communications providers serving
customers in six Canadian provinces with information, communications and |
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| technology
services, including voice, data, Internet, video and value-added business
solutions. Through their information technology division, xwave, they also
provide |
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| IT
professional services in Canada and the United States. |
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| Bell
Aliant derives virtually all of its income from its indirect ownership in
Bell Aliant Holdings LP. |
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| 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. |
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| 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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| Copyright ©
2008 Website of SPBrunner. All rights reserved. |
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| Bell
Aliant defines free cash flow, a non-GAAP measure, as cash from operating
activities of Bell Aliant Holdings LP together with cash from operating
activities of the Fund, less capital expenditures. |
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