| 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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| 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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| Davis &
Henderson Income Fund |
www.dhltd.com |
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DHF.UN |
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Fiscal Yr: |
Dec 31 |
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| Year |
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 |
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#Y |
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| Revenue* |
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$232.3 |
$251.8 |
$275.6 |
$276.5 |
$318.0 |
$369.7 |
$367.2 |
$481.8 |
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107.40% |
<-Total Growth |
7 |
Revenue |
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| Increase |
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8.39% |
9.45% |
0.35% |
14.98% |
16.28% |
-0.67% |
31.19% |
<---- |
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10.98% |
<-IRR #YR-> |
7 |
Revenue |
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| Rev per Share |
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$6.13 |
$6.64 |
$7.27 |
$7.29 |
$7.24 |
$8.41 |
$8.36 |
$9.05 |
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11.82% |
<-IRR #YR-> |
5 |
Revenue |
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| Increase |
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8.39% |
9.45% |
0.35% |
-0.78% |
16.28% |
-0.67% |
8.30% |
<---- |
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| P/S (Price/Sales) |
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2.10 |
2.61 |
3.12 |
3.18 |
2.14 |
2.50 |
2.01 |
1.87 |
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5.73% |
<-IRR #YR-> |
7 |
Rev per Share |
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| Averages |
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P/S |
10 Yrs |
2.44 |
5Yrs |
2.34 |
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4.49% |
<-IRR #YR-> |
5 |
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| *Revenue in M CDN $ |
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-$232.3 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$481.8 |
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-$275.6 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$481.8 |
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-$6.1 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$9.1 |
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-$7.3 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$9.1 |
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| EPS* |
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$1.28 |
$1.43 |
$1.60 |
$1.61 |
$1.87 |
$1.79 |
$1.98 |
$2.08 |
$1.65 |
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55.02% |
<-Total Growth |
6 |
Earnings |
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| Increase |
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12.00% |
11.94% |
0.38% |
16.37% |
-4.61% |
10.96% |
5.01% |
-20.67% |
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7.58% |
<-IRR #YR-> |
6 |
Earnings |
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| * ESP per
share (Cdn GAAP) |
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6.72% |
<-IRR #YR-> |
5 |
Earnings |
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-$1.28 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$1.98 |
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-$1.43 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$1.98 |
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| Sp Div |
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$0.20 |
$0.04 |
$0.00 |
$0.00 |
$0.00 |
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Special Divs |
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| Div* |
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$1.32 |
$1.36 |
$1.40 |
$1.45 |
$1.50 |
$1.60 |
$1.80 |
$1.84 |
$1.84 |
$1.20 |
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39.36% |
<-Total Growth |
7 |
Reg Divs |
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| Increase |
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3.02% |
3.27% |
3.25% |
3.45% |
6.53% |
12.54% |
2.29% |
0.00% |
-34.77% |
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4.91% |
<-Average |
7 |
Reg Divs |
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| Aver H/L |
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$10.32 |
$11.57 |
$14.95 |
$19.45 |
$20.59 |
$18.34 |
$18.15 |
$16.70 |
$13.81 |
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Stock price |
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| Yield H/L |
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11.41% |
9.10% |
7.22% |
7.04% |
8.18% |
8.81% |
10.77% |
13.32% |
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9.48% |
<-Average |
8 |
Reg Divs |
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| Yield on Cl |
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10.26% |
7.84% |
6.19% |
6.25% |
9.70% |
7.61% |
10.71% |
10.87% |
10.82% |
7.06% |
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8.68% |
<-Average |
8 |
Reg Divs |
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| Payout Ratio |
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106.4% |
98.1% |
90.5% |
93.3% |
96.1% |
103.0% |
92.9% |
88.4% |
72.7% |
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97.18% |
<-Average |
7 |
All Divs |
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| Payout Ratio CF |
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68.9% |
75.2% |
68.9% |
71.6% |
73.4% |
67.3% |
69.6% |
81.8% |
80.3% |
60.0% |
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72.10% |
<-Average |
8 |
All Divs |
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| Average 5 Yrs |
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Yield |
9.62% |
9.03% |
Payout |
95.15% |
72.74% |
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4.86% |
<-IRR #YR-> |
7 |
Reg Div |
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| * Dividends per share |
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5.55% |
<-IRR #YR-> |
5 |
Reg Div |
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-$1.32 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$1.84 |
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-$1.40 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$1.84 |
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| I am earning |
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Trading |
$12.98 |
2009 |
9.24% |
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Reg Divs |
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| Yield if held 5 yrs |
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14.53% |
13.82% |
12.03% |
9.46% |
8.94% |
6.54% |
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Ave H/L |
Yield on your |
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Reg Divs |
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| Yield if held
10 yrs |
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-----> |
11.63% |
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Ave H/L |
original money |
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Reg Divs |
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| Graham No. |
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$16.42 |
$16.70 |
$17.83 |
$19.20 |
$20.76 |
$20.27 |
$21.95 |
$22.49 |
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Cl Pr higher/lower by? |
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| Prem /Disc. Low |
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-23.58% |
-3.61% |
-2.79% |
-24.91% |
-27.59% |
-40.21% |
-51.24% |
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-20.45% |
<-Average |
6 |
Prem/Disc |
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| Prem /Disc. Cl |
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5.65% |
35.90% |
30.08% |
-19.49% |
1.17% |
-17.18% |
-22.90% |
-24.41% |
<---- |
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6.02% |
<-Average |
6 |
Prem/Disc |
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| Price Cl |
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$10.64 |
$12.86 |
$17.35 |
$22.70 |
$23.19 |
$15.46 |
$21.00 |
$16.79 |
$16.92 |
$17.00 |
$17.00 |
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59.02% |
<-Total Growth |
8 |
Stock Price |
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| Increase |
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20.86% |
34.91% |
30.84% |
2.16% |
-33.33% |
35.83% |
-20.05% |
0.77% |
0.47% |
0.00% |
|
5.97% |
<-IRR #YR-> |
8 |
Stock Price |
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| P/E |
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13.58 |
15.86 |
14.48 |
9.61 |
11.22 |
9.41 |
8.54 |
8.17 |
10.30 |
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-5.71% |
<-IRR #YR-> |
5 |
Stock Price |
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| Trailing P/E |
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17.76 |
16.20 |
9.65 |
13.06 |
8.97 |
9.48 |
8.58 |
8.17 |
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17.90% |
<-IRR #YR-> |
8 |
Price & all Div |
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| Average 5 Yrs |
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Price Inc |
Price Inc |
-2.92% |
P/E: Y-T |
10.65 |
11.5 |
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2.57% |
<-IRR #YR-> |
5 |
Price & all Div |
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-$10.64 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$16.92 |
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-$22.70 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$16.92 |
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-$10.64 |
$1.32 |
$1.36 |
$1.40 |
$1.45 |
$1.50 |
$1.80 |
$1.84 |
$18.76 |
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-$22.70 |
$1.45 |
$1.70 |
$1.64 |
$1.80 |
$18.76 |
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| Hi Mths |
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Dec |
Dec |
Dec |
Dec |
Sep |
Feb |
Dec |
Feb |
Dec |
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| Price Hi |
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$10.64 |
$13.00 |
$17.35 |
$22.80 |
$23.84 |
$22.25 |
$21.26 |
$21.28 |
$16.92 |
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59.02% |
<-Total Growth |
8 |
Stock Price |
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| Increase |
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22.18% |
33.46% |
31.41% |
4.56% |
-6.67% |
-4.45% |
0.09% |
-20.49% |
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5.97% |
<-IRR #YR-> |
8 |
Stock Price |
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| P/E |
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13.58 |
15.93 |
14.88 |
13.84 |
11.36 |
11.92 |
8.54 |
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-5.79% |
<-IRR #YR-> |
5 |
Stock Price |
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| Trailing P/E |
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17.84 |
16.66 |
13.89 |
13.22 |
11.37 |
9.48 |
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| Average 5 Yrs |
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Price Inc |
-5.39% |
P/E: Y-T |
12.11 |
12.9 |
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-$10.64 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$16.92 |
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-$22.80 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$16.92 |
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| Low Mths |
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Apr |
Jan |
May |
Oct |
Nov |
Jan |
Oct |
Mar |
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| Price Low |
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$10.00 |
$10.13 |
$12.55 |
$16.10 |
$17.33 |
$14.42 |
$15.03 |
$12.12 |
$10.70 |
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7.00% |
<-Total Growth |
8 |
Stock Price |
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| Increase |
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1.30% |
23.89% |
28.29% |
7.64% |
-16.79% |
4.23% |
-19.36% |
-11.72% |
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0.85% |
<-IRR #YR-> |
8 |
Stock Price |
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| P/E |
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9.82 |
11.25 |
10.82 |
8.97 |
8.03 |
6.79 |
5.40 |
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-7.85% |
<-IRR #YR-> |
5 |
Stock Price |
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| Trailing P/E |
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12.60 |
12.11 |
9.00 |
9.35 |
6.48 |
5.99 |
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| Average 5 Yrs |
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Price Inc |
-7.20% |
P/E: Y-T |
8.00 |
8.6 |
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-$10.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$10.70 |
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-$16.10 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$10.70 |
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| Market Cap |
|
$403 |
$488 |
$658 |
$861 |
$879 |
$679 |
$923 |
$738 |
$901 |
$905 |
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Market Cap |
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Purchase |
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Purchase |
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| # of Sh in M |
|
37.921 |
37.921 |
37.921 |
37.921 |
37.921 |
43.947 |
43.947 |
43.947 |
53.233 |
53.233 |
53.233 |
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Trust Units |
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Shares |
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| Increase |
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|
0.00% |
0.00% |
0.00% |
0.00% |
15.89% |
0.00% |
0.00% |
21.13% |
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4.63% |
<-Average |
8 |
Shares |
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| CF fr Op $M |
|
|
72.6 |
68.6 |
77.3 |
76.8 |
89.8 |
117.4 |
116.1 |
119.7 |
$121.90 |
$106.47 |
|
64.90% |
<-Total Growth |
7 |
Cash Flow |
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|
| OPS |
|
|
$1.91 |
$1.81 |
$2.04 |
$2.03 |
$2.04 |
$2.67 |
$2.64 |
$2.25 |
$2.29 |
$2.00 |
D |
17.47% |
<-Total Growth |
7 |
Cash Flow |
|
|
|
|
|
|
| Increase |
|
|
|
-5.55% |
12.69% |
-0.55% |
0.78% |
30.80% |
-1.14% |
-14.84% |
|
|
|
2.33% |
<-IRR #YR-> |
7 |
Cash Flow |
|
|
|
|
|
|
| P/CF on Cl |
|
|
6.72 |
9.60 |
11.14 |
11.44 |
7.57 |
7.86 |
6.36 |
7.52 |
|
|
|
1.99% |
<-IRR #YR-> |
5 |
Cash Flow |
|
|
|
|
|
|
| Averages |
|
|
|
|
|
P/CF |
10 Yrs |
8.53 |
5 Yrs |
8.15 |
|
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|
|
| *Operational Cash Flow per share |
|
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|
-$1.91 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$2.25 |
|
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-$2.04 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$2.25 |
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|
|
| OPM |
|
|
31.25% |
27.23% |
28.04% |
27.79% |
28.23% |
31.75% |
31.60% |
24.85% |
|
|
|
should be zero, it is a check
on calculations |
|
|
|
|
|
|
|
|
|
| Diff from Ave |
|
|
8.4% |
-5.6% |
-2.8% |
-3.7% |
-2.1% |
10.1% |
9.6% |
-13.8% |
|
|
|
0.00% |
<-Average |
8 |
|
|
|
|
|
|
|
| *Operational
Profit Margin (CF/Revenue) Ratio |
|
|
OPM |
10 Yrs |
28.84% |
5 Yrs |
28.84% |
|
|
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|
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| |
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|
|
| Curr Assets |
|
|
$28.19 |
$20.76 |
$25.61 |
$25.38 |
$33.25 |
$39.30 |
$35.53 |
$76.67 |
|
|
|
Liq ratio of 1.5 and up, best |
|
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|
|
|
|
|
| Curr Liab. |
|
|
$32.78 |
$31.14 |
$34.42 |
$35.67 |
$44.42 |
$49.12 |
$49.10 |
$87.46 |
|
|
|
0.77 |
<-Average |
8 |
|
|
|
|
|
|
|
| Liquidity |
|
|
0.86 |
0.67 |
0.74 |
0.71 |
0.75 |
0.80 |
0.72 |
0.88 |
|
|
|
0.77 |
<-Average |
5 |
|
|
|
|
|
|
|
| Liquidity - CF |
|
|
1.55 |
1.21 |
1.44 |
1.32 |
1.28 |
1.58 |
1.44 |
1.13 |
|
<---- |
|
Covered by cash flow after dividends |
|
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| |
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| Assets |
|
|
$476.41 |
$458.84 |
$430.60 |
$425.30 |
$641.05 |
$634.15 |
$663.91 |
$941.56 |
|
|
|
A/L ratio of 1.5 and up, best |
|
|
|
|
|
|
|
| Liab. |
|
|
$117.58 |
$103.12 |
$102.03 |
$90.97 |
$193.18 |
$184.46 |
$214.24 |
$366.26 |
|
|
|
3.73 |
<-Average |
8 |
|
|
|
|
|
|
|
| Asset/Liability |
|
|
4.05 |
4.45 |
4.22 |
4.68 |
3.32 |
3.44 |
3.10 |
2.57 |
|
|
|
3.42 |
<-Average |
5 |
|
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| |
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|
|
| Book Value |
|
|
$358.83 |
$355.73 |
$328.57 |
$334.34 |
$447.88 |
$449.69 |
$449.67 |
$575.29 |
$575.29 |
$575.29 |
|
60.32% |
<-Total Growth |
7 |
Book Value |
|
|
|
|
|
|
| BV per share |
|
|
$9.46 |
$9.38 |
$8.66 |
$8.82 |
$10.19 |
$10.23 |
$10.23 |
$10.81 |
$10.81 |
$10.81 |
|
14.21% |
<-Total Growth |
7 |
Book Value |
|
|
|
|
|
|
| Change |
|
|
|
-0.86% |
-7.63% |
1.75% |
15.59% |
0.41% |
-0.01% |
5.62% |
<---- |
|
|
0.8222 |
Current/Historical |
|
Book Value |
|
|
|
|
|
|
| P/BV (CL) |
|
|
1.36 |
1.85 |
2.62 |
2.63 |
1.52 |
2.05 |
1.64 |
1.57 |
1.57 |
1.57 |
|
1.92% |
<-IRR #YR-> |
7 |
Book Value |
|
|
|
|
|
|
| Change |
|
|
|
36.09% |
41.65% |
0.40% |
-42.33% |
35.29% |
-20.04% |
-4.59% |
0.47% |
0.00% |
|
4.52% |
<-IRR #YR-> |
5 |
Book Value |
|
|
|
|
|
|
| Leverage (A/BK) |
|
|
1.33 |
1.29 |
1.31 |
1.27 |
1.43 |
1.41 |
1.48 |
1.64 |
0.00 |
0.00 |
|
1.394 |
<-Average |
8 |
A/BV |
|
|
|
|
|
|
| Averages |
|
|
|
|
|
P/BV |
10 Yrs |
1.90 |
5 Yrs |
1.88 |
|
|
|
1.445 |
<-Average |
5 |
A/BV |
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$9.46 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$10.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$8.66 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$10.81 |
|
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|
|
| ROE |
|
|
10.6% |
13.6% |
16.5% |
18.2% |
14.9% |
18.3% |
17.4% |
16.5% |
|
|
|
Net Income/Shareholders'
equity |
|
|
|
|
|
|
|
|
|
| 5Yr Running Ave |
|
|
|
|
|
|
14.7% |
16.3% |
17.0% |
17.0% |
<---- |
|
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|
|
| Net Income |
|
|
$38.08 |
$48.55 |
$54.27 |
$60.75 |
$66.53 |
$82.24 |
$78.45 |
$95.01 |
|
|
|
|
Income Statement |
|
|
|
|
|
|
|
| Oper C. F. |
|
|
$72.60 |
$68.57 |
$77.27 |
$76.84 |
$89.75 |
$117.40 |
$116.06 |
$119.72 |
<---- |
|
|
|
Cash Flow Statement CF from continuing
operations |
|
|
|
|
| Invest. C. F |
|
|
-$458.11 |
-$11.19 |
-$11.93 |
-$13.89 |
-$233.71 |
-$16.24 |
-$56.56 |
-$25.68 |
|
|
|
|
Cash Flow Statement |
|
|
|
|
|
|
| Total Accruals |
|
|
$423.60 |
-$8.83 |
-$11.08 |
-$2.21 |
$210.48 |
-$18.92 |
$18.95 |
$0.97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Assets |
|
|
$476.41 |
$458.84 |
$430.60 |
$425.30 |
$641.05 |
$634.15 |
$663.91 |
$941.56 |
|
|
|
|
Balance Sheet |
|
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|
|
|
|
|
|
| Accruals Ratio |
|
|
88.92% |
-1.92% |
-2.57% |
-0.52% |
32.83% |
-2.98% |
2.85% |
0.10% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| up/down/neutral |
|
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|
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|
|
|
|
|
|
| Chge in Close |
|
|
20.86% |
34.91% |
30.84% |
2.16% |
-33.33% |
35.83% |
-20.05% |
0.77% |
|
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|
|
| Any Predictions? |
|
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| |
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|
| Fin. C. F |
|
|
$397.56 |
-$64.44 |
-$60.07 |
-$64.91 |
$141.38 |
-$93.80 |
-$60.58 |
-$102.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Accruals |
|
|
$26.04 |
$55.61 |
$48.99 |
$62.71 |
$69.10 |
$74.88 |
$79.53 |
$103.20 |
|
|
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|
|
|
|
|
| Accruals Ratio |
|
|
5.47% |
12.12% |
11.38% |
14.74% |
10.78% |
11.81% |
11.98% |
10.96% |
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| |
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| Taxes |
|
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|
|
| Dividends |
|
|
16.9% |
19.5% |
15.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
|
|
|
6.43% |
<-Average |
8 |
Taxes |
|
|
|
|
|
|
| Cap Gain |
|
|
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
|
|
|
0.00% |
<-Average |
8 |
Taxes |
|
|
|
|
|
|
| Taxable Inc |
|
|
71.5% |
69.4% |
75.2% |
91.6% |
100.0% |
100.0% |
100.0% |
100.0% |
|
|
|
88.46% |
<-Average |
8 |
Taxes |
|
|
|
|
|
|
| Ret of Cap. |
|
|
11.6% |
11.1% |
9.8% |
8.4% |
0.0% |
0.0% |
0.0% |
0.0% |
|
|
|
5.11% |
<-Average |
8 |
Taxes |
|
|
|
|
|
|
| Total |
|
|
100.0% |
100.0% |
100.0% |
100.0% |
100.0% |
100.0% |
100.0% |
100.0% |
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| For Tax Cr |
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| Mar
2010. In Mar 2009, I got, for 2009 and
2010 earnings of $1.80 and $1.90 and cash flow of $2.30 and 2.40. Earnings for 2009 was higher at $1.98, but
CF lower at $2.25. |
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| AR 2008. Good current yield, but expect a 35% cut,
at least in 2011. |
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| Went Public
2001 at $10 |
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| How they make
their money. |
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| Davis
& Henderson is a leading solutions provider to the financial services
marketplace. Founded in 1875, the company today provides innovative programs,
technology products and technology based |
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| business
services to customers who offer chequing accounts, credit card accounts and
personal, commercial, and other lending and leasing products. |
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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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