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.
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Consumers' Waterheater Inc Fund     CWI.UN   www.consumerswaterheaters.com     Fiscal Yr: Dec 31                            
Year 12/31/97 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       #Y              
Revenue*           $39.59 $137.72 $142.89 $149.39 $156.70 $166.7 $180.5 $188.2 $100.6     375.22% <-Total Growth 7 Revenue            
Increase             247.82% 3.75% 4.55% 4.89% 6.39% 8.29% 4.23%       24.94% <-IRR #YR-> 7 Revenue            
Rev per Share           $0.80 $2.78 $2.89 $3.02 $3.16 $3.37 $3.65 $3.80 $4.01     5.66% <-IRR #YR-> 5              
P/S (Price/Sales)             4.82 5.29 5.19 4.24 4.40 2.58 1.10 1.26     24.94% <-IRR #YR-> 7 Rev Per share            
*Revenue in M CDN $              P/S 10 yr Ave 3.95 5 yr Ave 3.50       5.66% <-IRR #YR-> 5 Rev Per share            
                                                     
            -$39.6 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $188.2                          
                -$142.9 $0.0 $0.0 $0.0 $0.0 $188.2                          
            -$0.8 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $3.8                          
                -$2.9 $0.0 $0.0 $0.0 $0.0 $3.8                          
Distri Cash $52.60 $56.11 $60.70 $64.74 $67.86 $64.13 $69.26 $50.06       -4.82% <-Total Growth 7 FFO
Distri Inc/Share $1.06 $1.13 $1.23 $1.31 $1.37 $1.29 $1.40 $1.01       -4.82% <-Total Growth 7 FFO
Increase   6.68% 8.17% 6.67% 4.82% -5.50% 7.99% -27.71%       -0.70% <-IRR #YR-> 7 FFO
Payout Ratio 27.7% 92.7% 87.1% 85.9% 86.9% 98.8% 92.2% 111.7%       -3.78% <-IRR #YR-> 5 FFO
P/Distri Inc 9.42 11.84 12.44 11.97 9.79 11.43 6.72 4.14     $0.85 <-Average 8 FFO Payout
Trailing P/DI   12.63 13.46 12.77 10.27 10.80 7.26 3.00    
Distributable Cash       Payout 95.13% P/E: Y-T 8.81 8.8
                        Yr 2011 Yr 2012
          EPS Last 12  mths--> $0.25
EPS*           $0.07 -$0.75 $0.32 $0.44 $0.91 $0.37 $0.39 $0.44 $0.05 $0.20   511.11% <-Total Growth 5 Earnings            
Increase               -142.13% 39.56% 107.26% -59.63% 6.78% 11.68% -88.64% 300.00%   29.51% <-IRR #YR-> 7 Earnings            
* ESP per share (Cdn GAAP)                     See Notes   6.84% <-IRR #YR-> 5 Earnings            
            -$0.07 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.44                          
                -$0.32 $0.00 $0.00 $0.00 $0.00 $0.44                          
                                                     
Nov/Dec 02           $0.05                           Dividends            
Div*           $0.29 $1.05 $1.07 $1.12 $1.19 $1.28 $1.29 $1.13 $0.65 $0.65   284.18% <-Total Growth 7 Dividends            
Increase             257.14% 1.62% 5.25% 6.06% 7.47% 0.78% -12.44% -42.63% 0.00%   37.98% <-Average 7 Dividends            
Yield H/L           2.94% 8.79% 7.32% 7.39% 8.36% 8.22% 11.17% 16.77%       8.87% <-Average 8 Dividends            
Yield on Cl           2.94% 7.83% 7.00% 7.18% 8.87% 8.65% 13.72% 26.96% 12.86% 12.86%   10.39% <-Average 8 Dividends            
Payout Ratio           408.3% -140.0% 337.7% 254.6% 130.3% 346.9% 327.4% 256.7% 1296% 324.0%   240.24% <-Average 8 Dividends            
Payout Ratio CF           120.3% 51.0% 51.0% 49.5% 49.2% 50.1% 49.6% 44.2% 29.6% #DIV/0!   58.10% <-Average 8 Dividends            
Average 5 Yrs   Div Yd 14.90% in 5 yrs 17.28% in 10 yrs Yield  10.38% 13.08% Payout 263.19% 48.52%       21.20% <-IRR #YR-> 7 Dividends            
* Dividends per share  Inc At 3.00% 5 years 10 years                 1.14% <-IRR #YR-> 5 Dividends            
            -$0.29 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.13                          
                -$1.07 $0.00 $0.00 $0.00 $0.00 $1.13                          
                                                     
H/LYield held 5 yrs           12.80% 10.79% 7.75% 4.27% 4.55% Ave H/L Yield on your  Dividends        
H/LYield held 10 yrs             #DIV/0! #DIV/0! #DIV/0! Ave H/L original money Dividends        
                                                     
Graham No.           $3.94   $7.08 $7.94 $11.19 $6.55 $5.80 $5.75 $2.00 $4.00   Cl Pr higher/lower by?   Graham Price            
Prem /Disc. High           153.68%   134.76% 119.65% 49.12% 176.61% 166.62% 74.83%       125.04% <-Average 7 Graham Price            
Prem /Disc. Low           153.68%   77.38% 62.76% 5.49% 98.60% 31.33% -40.51%       $0.56 <-Average 7 Graham Price            
Prem /Disc. Cl           153.68%   115.54% 96.99% 19.97% 125.93% 62.01% -27.11% 152.11% 26.06%   78.14% <-Average 7 Graham Price            
                                                     
Price Cl           $10.00 $13.41 $15.25 $15.65 $13.42 $14.80 $9.40 $4.19 $5.04 $5.04   -58.10% <-Total Growth 7 Stock Price            
Increase             34.10% 13.72% 2.62% -14.25% 10.28% -36.49% -55.43% 20.29% 0.00%   -11.69% <-IRR #YR-> 7 Stock Price            
P/E           138.89 neg 48.26 35.49 14.68 40.11 23.86 9.52 100.80 25.20   -22.77% <-IRR #YR-> 5 Stock Price            
Trailing P/E             186.25 neg 49.53 30.43 16.19 25.47 10.63 11.45 100.80   4.27% <-IRR #YR-> 7 Price & Div            
Median 5 Yrs       13.06% 15.95% Div %  5, 10 yrs   Price Inc -14.25% P/E: Y-T 23.86 25.47 20.16 <-lt 12 mths   -9.71% <-IRR #YR-> 5 Price & Div            
                                                     
            -$10.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4.19                          
                -$15.25 $0.00 $0.00 $0.00 $0.00 $4.19                          
            -$10.00 $1.05 $1.07 $1.12 $1.19 $1.28 $1.29 $5.32                          
                -$15.25 $1.12 $1.19 $1.28 $1.29 $5.32                          
                                                     
Price Average H/L       $10.00 $11.95 $14.58 $15.19 $14.24 $15.57 $11.55 $6.74       -32.65% <-Total Growth 7 Stock Price            
Increase             19.50% 22.01% 4.18% -6.25% 9.30% -25.83% -41.66%       -5.49% <-IRR #YR-> 7 Stock Price            
P/E           340.14 neg 208.38 211.69 160.45 179.97 84.13 24.98       -14.31% <-IRR #YR-> 5 Stock Price            
Trailing P/E             406.46 neg 217.10 198.45 175.38 133.49 49.08       7.84% <-IRR #YR-> 7 Price & Div            
Median 5 Yrs       11.09% 13.33% Div %  5, 10 yrs   Price Inc -6.25% P/E: Y-T 160.45 175.38       -3.22% <-IRR #YR-> 5 Price & Div            
                                                     
            -$10.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $6.74                          
                -$14.58 $0.00 $0.00 $0.00 $0.00 $6.74                          
            -$10.00 $1.05 $1.07 $1.12 $1.19 $1.28 $1.29 $7.86                          
                -$14.58 $1.12 $1.19 $1.28 $1.29 $7.86                          
                                                     
Hi Mths             Oct-Dec Oct-Dec Jul Jan May Feb  Jan                          
Price Hi           $10.00 $13.90 $16.61 $17.45 $16.68 $18.12 $15.47 $10.05       0.50% <-Total Growth 7 Stock Price            
Increase             39.00% 19.50% 5.06% -4.41% 8.63% -14.62% -35.04%       0.07% <-IRR #YR-> 7 Stock Price            
P/E           138.89 neg 52.56 39.57 18.25 49.11 39.26 22.84       -9.56% <-IRR #YR-> 5 Stock Price            
Trailing P/E             193.06 neg 55.22 37.82 19.82 41.92 25.51                          
Median 5 Yrs                 Price Inc -4.41% P/E: Y-T 39.26 37.82                          
                                                     
            -$10.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $10.05                          
                -$16.61 $0.00 $0.00 $0.00 $0.00 $10.05                          
                                                     
Low Mths             Jul-Sep Apr-Jun Oct Nov Jan Oct Nov                          
Price Low           $10.00 $10.00 $12.55 $12.93 $11.80 $13.01 $7.62 $3.42       -65.80% <-Total Growth 7 Stock Price            
Increase             0.00% 25.50% 3.03% -8.74% 10.25% -41.43% -55.12%       -14.21% <-IRR #YR-> 7 Stock Price            
P/E           138.89 neg 39.72 29.32 12.91 35.26 19.34 7.77       -22.90% <-IRR #YR-> 5 Stock Price            
Trailing P/E             138.89 neg 40.92 26.76 14.23 20.65 8.68                          
Median 5 Yrs           Price Inc -8.74% P/E: Y-T 19.34 20.65                          
                                                     
            -$10.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.42                          
                                   
Market Cap           $495.2 $664.1 $755.2 $775.1 $664.6 $733.0 $465.5 $207.5 $252.9           Market Cap
                                       
# of Sh in M 49.524 49.524 49.524 49.524 49.524 49.524 49.524 49.524 50.186 50.186 Units Shares
Increase           0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.34%     #DIV/0! <-Total Growth 7 Cash Flow
CF fr Op $M $12.11 101.9 $103.71 112.5 119.9 126.5 128.7 126.6 109.9 946.25% <-Total Growth 7 Cash Flow
OPS $0.24 $2.06 $2.09 $2.27 $2.42 $2.55 $2.60 $2.56 $2.19 D 946.25% <-Total Growth 7 Cash Flow
Increase           741.99% 1.75% 8.43% 6.59% 5.53% 1.75% -1.60% -14.36%   39.85% <-IRR #YR-> 7 Cash Flow
P/O on Cl 40.91 6.52 7.28 6.89 5.54 5.79 3.62 1.64 2.30 4.08% <-IRR #YR-> 5 Cash Flow
Non-Cash -$7.06 $1.51 $2.49 $1.14 $1.13 -$0.89 $5.74 -$7.10 -384.87% <-Total Growth 5 OPS Less N-C
OPS Less Non-Cash $0.10 $2.09 $2.14 $2.29 $2.44 $2.54 $2.71 $2.41 57.15% <-IRR #YR-> 7 OPS Less N-C
*Operational Cash Flow per share P/CF Ave 10 Yrs 9.77 5 Yrs 4.70 2.40% <-IRR #YR-> 5 OPS Less N-C
-$0.24 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.56            
-$2.09 $0.00 $0.00 $0.00 $0.00 $2.56              
-$0.10 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.41              
-$2.14 $0.00 $0.00 $0.00 $0.00 $2.41              
                                     
OPM 30.57% 74.01% 72.58% 75.27% 76.49% 75.88% 71.30% 67.31%     should be zero, it is a check on calculations    
Diff from Ave           -55.0% 9.0% 6.9% 10.8% 12.6% 11.7% 5.0% -0.9%       0.00% <-Average 8 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 67.93% 5 Yrs 73.25%              
                            Q2 2010                        
Curr Assets           $47.63 $31.27 $37.18 $47.84 $56.16 $47.09 $42.66 $46.15 $100.77     A/L ratio of 1.5 and up, best Assets            
Curr Liab.           $47.13 $28.18 $23.05 $24.59 $24.34 $332.06 $375.56 $281.82 $40.42     1.05 <-Average 7 Liabilities            
Liquidity           1.01 1.11 1.61 1.95 2.31 0.14 0.11 0.16 2.49 <------   0.93 <-Average 5 Ratio            
Liq. CF re  Inv+Div        0.04 1.08 1.29 1.43 1.51 0.25 0.23 0.33       Cash Flow paying div, Inv, + Liab deficient            
Recently repaid                         225.00                          
Liq. Inc above                         0.81                          
                                                     
Assets           $1,267 $1,190 $1,135 $1,089 $1,044 $1,028 $1,018 $954 $977     A/L ratio of 1.5 and up, best Assets            
Liab.           $792 $804 $787 $774 $743 $772 $830 $789 $798     1.39 <-Average 7 Liabilities            
Liquidity           1.60 1.48 1.44 1.41 1.41 1.33 1.23 1.21 1.22     1.32 <-Average 5 Ratio            
                                                     
Book Value           $475 $386 $349 $315 $301 $256 $188 $165 $178 $178 -65.20% <-Total Growth 7 Book Value            
BV per share           $9.59 $7.79 $7.04 $6.36 $6.08 $5.17 $3.80 $3.34 $3.55 $3.55 -65.20% <-Total Growth 7 Book Value            
Change             -18.77% -9.64% -9.66% -4.35% -15.05% -26.53% -12.10% 6.42% 0.00%   0.6203 Current/Historical;    Book Value            
P/BV (CL)           1.04 1.72 2.17 2.46 2.21 2.86 2.48 1.26 1.42 1.42 -14.00% <-IRR #YR-> 7 Book Value            
Change             65.08% 25.85% 13.60% -10.35% 29.82% -13.56% -49.29% 13.03% 0.00% -13.87% <-IRR #YR-> 5 Book Value            
Leverage (A/BK)           2.67 3.08 3.26 3.46 3.47 4.02 5.41 5.77 5.48 0.00   3.62 <-Average 8 A/BV            
                P/BV 10 yr Ave 2.02 5 yr Ave 2.25       3.92 <-Average 5 A/BV            
                                             
      -$9.59 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.34                          
          -$7.04 $0.00 $0.00 $0.00 $0.00 $3.34                          
                                                   
ROE           123.2% -9.6% 4.5% 6.9% 15.0% 7.1% 10.4% 13.1% 2.6% <---   Net Income/Shareholders' equity     ROE            
5Yr Running Ave           123.2% 63.6% 46.6% 38.4% 34.5% 4.0% 8.6% 10.3% 9.6%           ROE            
                                                   
Net Income           $585.00 -$37.14 $15.66 $21.86 $45.25 $18.25 $19.51 $21.60 $2.28 <---     Income Statement              
Oper C. F.           $12.11 $101.92 $103.71 $112.45 $119.86 $126.50 $128.71 $126.65 $56.46       Cash Flow Statement            
Invest. C. F           -$979.60 -$47.32 -$45.24 -$48.85 -$53.13 -$103.80 -$93.79 -$75.10 -$34.80       Cash Flow Statement            
Total Accruals           $1,552.49 -$91.75 -$42.82 -$41.74 -$21.48 -$4.44 -$15.41 -$29.94 -$19.38                        
Total Assets           $1,267 $1,190 $1,135 $1,089 $1,044 $1,028 $1,018 $954 $488       Balance Sheet                
Accruals Ratio           122.50% -7.71% -3.77% -3.83% -2.06% -0.43% -1.51% -3.14% -3.97% <-------                      
up/down/neutral                                                    
Chge in Close           0.00% 34.10% 13.72% 2.62% -14.25% 10.28% -36.49% -55.43% 20.29%                        
Any Predictions?                                                    
                                                     
Fin. C. F           $995.44 -$65.09 -$52.76 -$55.30 -$58.96 -$32.48 -$43.72 -$46.88 $29.51                        
Total Accruals           $557.05 -$26.65 $9.94 $13.56 $37.48 $28.04 $28.31 $16.93 -$48.89                        
Accruals Ratio           43.95% -2.24% 0.88% 1.25% 3.59% 2.73% 2.78% 1.78% -10.01%                        
                                                     
Sep 9, 2010.  Estimates last gotten for 2009 and 2010 were $1.20 and $.71 FFO, $.21 and .01 Earnings and $2.45 and $2.45 for CF.  Company will become a corporation in 2011.                    
As far as I can see from the Q2 financials, they had earnings some $.05.  Earnings for Q1 was basically 0.  I have put in $.05 for earnings for 2010.  A lot of sites show $0 for both Q1and Q2.  I do not know why.              
Q2, debt was rolled over, so a lot of current debt disappeared.                                          
Sep 28, 2009.  This company has annouced that the Dividend is to be cut in half, effective with Oct 2009 payment.  The company annouced this was due to higher attrition rates among its customers                 
and an increase in interest expenses.                                              
Jul 14, 2009.  Surprisingly there is insider buying.                                            
AR 2004. I do not like the fact that all the income is taxable as Interest (as far as I can determine, anyway).  I am also not sure that I want this stock.  I would like to see what it does over a few more years.                 
Started 17 Dec, 2002                                                
                                                     
How they make their money.                                              
Consumers' Waterheater Income Fund owns a portfolio of waterheaters and other portfolio assets, which they rent to primarily residential customers.                          
They rent out waterheaters in the GTA and southern Ontario and it is considered a Business Trust.                                  
                                                     
Will be affected by Unit Trust legislation but will not change its corporation structure in 2011.                                    
Company is an unincorporated open-ended trust established with an unlimited number of trust units under the laws of the Province of Ontario.  It is widely held.                        
                                                     
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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