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. 9/30/11
See my website on stocks or see my blog at the following sites.  www.spbrunner.com/stocks.html www.spbrunner.blogspot.com/
Finning International Inc. TSX: FTT www.finning.com 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
Split 2
Revenue* $2,230 $2,460 $3,247 $3,207 $3,593 $4,162 $4,835 $4,853 $5,662 $5,991 $4,738 $4,641 $5,533 $6,096 88.67% <-Total Growth 10 Revenues
Increase -13.75% 10.32% 31.99% -1.22% 12.03% 15.82% 16.16% 0.39% 16.67% 5.81% -20.93% -2.03% 19.21% 10.18% 6.55% <-IRR #YR-> 10 Revenues
Rev per Share $14.04 $16.23 $21.41 $20.67 $23.11 $23.54 $27.10 $27.10 $32.15 $35.15 $27.75 $27.07 $32.28 $35.56 -0.81% <-IRR #YR-> 5 Revenues
P/S (Price/Sales) 0.48 0.39 0.47 0.62 0.65 0.74 0.69 0.88 0.89 0.41 0.60 1.00 0.69 0.63 5.25% <-IRR #YR-> 10 Rev Per share
*Revenue in M CDN $  P/S 10 yr  0.67 5 yr  0.88 -0.02% <-IRR #YR-> 5 Rev Per share
-$2,460 $0 $0 $0 $0 $0 $0 $0 $0 $0 $4,641
-$4,835 $0 $0 $0 $0 $4,641
-$16.23 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $27.07
-$27.10 $0.00 $0.00 $0.00 $0.00 $27.07
EPS* $0.36 $0.47 $0.67 $0.84 $0.84 $0.72 $0.92 $1.13 $1.53 $0.55 $0.77 -$0.46 $1.50 $2.04 -197.87% <-Total Growth 10 Earnings
Increase 1700.00% 30.56% 42.55% 25.37% 0.00% -14.88% 27.97% 23.50% 35.40% -64.05% 40.00% -159.74% -426.09% 36.00% #NUM! <-IRR #YR-> 10 Earnings
Earnings Yield 5.3% 7.4% 6.7% 6.6% 5.6% 4.1% 4.9% 4.7% 5.3% 3.9% 4.6% -1.7% 6.7% 9.1% #DIV/0! <-IRR #YR-> 5 Earnings
* ESP per share (Cdn GAAP) E/P 10 Yrs 4.83% 5Yrs 4.62% neg. earnings
-$0.47 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -$0.46
-$0.92 $0.00 $0.00 $0.00 $0.00 -$0.46
Pre Split '07
Div* $0.10 $0.10 $0.10 $0.15 $0.18 $0.20 $0.22 $0.28 $0.36 $0.43 $0.44 $0.47 $0.51 $0.52 370.00% <-Total Growth 10 Dividends
Increase 0.00% 0.00% 0.00% 50.00% 20.00% 11.11% 10.00% 25.00% 30.91% 19.44% 2.33% 6.82% 8.51% 1.96% 15.28% <-Median-> 10 Dividends
Yield H/L 1.64% 1.69% 1.23% 1.24% 1.28% 1.24% 1.19% 1.31% 1.27% 1.98% 3.03% 2.13% 1.28% <-Median-> 10 Dividends
Yield on High 1.30% 1.44% 0.98% 1.04% 1.08% 1.13% 1.06% 1.15% 1.07% 1.39% 2.32% 1.72% 1.11% <-Median-> 10 Dividends
Yield on Low 2.22% 2.03% 1.65% 1.53% 1.57% 1.39% 1.36% 1.52% 1.56% 3.45% 4.33% 2.80% 1.56% <-Median-> 10 Dividends
Yield on Cl 1.48% 1.57% 1.00% 1.17% 1.20% 1.14% 1.18% 1.15% 1.26% 3.02% 2.64% 1.73% 2.28% 2.32% 1.19% <-Median-> 10 Dividends
Payout Ratio 27.8% 21.3% 14.9% 17.9% 21.4% 28.0% 24.0% 24.3% 23.5% 78.2% 57.1% -102.2% 34.0% 25.5% 23.79% <-Median-> 10 DPR EPS
Payout Ratio CF 7.2% 6.3% 11.3% 13.9% 22.8% -30.2% 24.8% 50.7% -111.8% 100.8% 13.4% 25.0% 22.6% 15.8% 18.38% <-Median-> 10 DPR CF 
Payout Ratio CF NC 5.6% 10.7% 12.3% 15.0% 11.4% 25.5% 18.8% 20.9% 39.2% 19.7% 18.5% 34.0% 22.6% 15.8% 19.29% <-Median-> 10 DPR CF NC
Average 5 Yrs Div Yd 4.58% 5 9.22% 10 Yield  19.44% 2.80% Payout 24.34% 24.98% 16.74% <-IRR #YR-> 10 Dividends
* Dividends per share  15.0% Years 15.0% Years Last Div Inc ---> $0.12 $0.13 8.3% 16.40% <-IRR #YR-> 5 Dividends
-$0.10 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.47
-$0.22 $0.00 $0.00 $0.00 $0.00 $0.47
H/LYield held 5 yrs 1.88% 1.97% 1.64% 1.72% 2.50% 3.28% 3.71% 3.39% 2.97% 3.06% 2.74% 2.55% 2.43% 2.85% <-Median-> 10 Dividends
H/LYield held 10 yrs 3.76% 4.34% 4.52% 4.12% 5.98% 7.21% 7.93% 6.28% 4.52% <-Median-> 7 Dividends
Graham No. $5.96 $6.98 $8.78 $10.65 $10.79 $10.99 $12.77 $15.19 $17.78 $10.67 $12.40 $13.46 $16.08 92.86% <-Total Growth 10 Graham Price
Prem /Disc.Med H/L 2.36% -15.04% -7.60% 13.94% 30.17% 46.23% 44.21% 38.12% 59.15% 103.67% 17.29% 63.94% 41.17% <-Median-> 10 Graham Price
Prem/Disc High 29.21% -0.72% 15.91% 35.55% 53.79% 61.12% 62.11% 57.38% 88.39% 190.62% 52.73% 103.39% 59.25% <-Median-> 10 Graham Price
Prem/Disc Low -24.49% -29.37% -31.11% -7.66% 6.54% 31.35% 26.32% 18.86% 29.91% 16.72% -18.15% 24.50% 17.79% <-Median-> 10 Graham Price
Prem/Disc Cl 11.71% -9.92% 12.17% 16.70% 28.04% 37.22% 31.24% 36.45% 37.96% 25.15% 25.65% 50.31% 28.16% 29.64% <-Median-> 10 Graham Price
Pre Split '07
Price Cl $6.75 $6.35 $10.00 $12.78 $15.00 $17.50 $18.57 $23.90 $28.66 $14.25 $16.68 $27.09 $22.38 $22.38 326.61% <-Total Growth 10 Stock Price
Increase 23.18% -5.93% 57.48% 27.80% 17.37% 16.67% 6.11% 28.68% 19.94% -50.28% 17.05% 62.41% -17.39% 0.00% 15.61% <-IRR #YR-> 10 Stock Price
P/E 18.75 13.51 14.93 15.21 17.86 24.48 20.30 21.15 18.73 25.91 21.66 -58.89 14.92 10.97 7.84% <-IRR #YR-> 5 Stock Price
Trailing P/E 337.50 17.64 21.28 19.07 17.86 20.83 25.97 26.11 25.36 9.31 30.33 35.18 -48.65 14.92 17.69% <-IRR #YR-> 10 Price & Div
Median 10, 5 Yrs 2.07% 1.80% Div %  Ret. Price Inc 19.94% P/E:  19.51 21.15 9.65% <-IRR #YR-> 5 Price & Div
-$6.35 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $27.09
-$18.57 $0.00 $0.00 $0.00 $0.00 $27.09
-$6.35 $0.10 $0.15 $0.18 $0.20 $0.22 $0.28 $0.36 $0.43 $0.44 $27.56
-$18.57 $0.28 $0.36 $0.43 $0.44 $27.56
Price Median H/L $6.10 $5.93 $8.12 $12.13 $14.05 $16.07 $18.42 $20.98 $28.30 $21.73 $14.55 $22.07 272.18% <-Total Growth 10 Stock Price
Increase -15.16% -2.79% 36.85% 49.48% 15.83% 14.34% 14.63% 13.90% 34.92% -23.23% -33.05% 51.74% 14.04% <-IRR #YR-> 10 Stock Price
P/E 16.94 12.62 12.11 14.44 16.73 22.47 20.13 18.56 18.50 39.50 18.89 -47.98 3.69% <-IRR #YR-> 5 Stock Price
Trailing P/E 305.00 16.47 17.27 18.10 16.73 19.13 25.76 22.92 25.04 14.20 26.45 28.66 16.41% <-IRR #YR-> 10 Price & Div
Median 10, 5 Yrs 2.36% 1.97% Div %  Ret. Price Inc 13.90% P/E:  18.53 18.56 5.66% <-IRR #YR-> 5 Price & Div
-$5.93 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $22.07
-$18.42 $0.00 $0.00 $0.00 $0.00 $22.07
-$5.93 $0.10 $0.15 $0.18 $0.20 $0.22 $0.28 $0.36 $0.43 $0.44 $22.54
-$18.42 $0.28 $0.36 $0.43 $0.44 $22.54
Hi Mths Apr Aug Dec
Pre Split '07
Price Hi $7.70 $6.93 $10.18 $14.43 $16.60 $17.70 $20.70 $23.90 $33.50 $31.00 $18.94 $27.38 295.09% <-Total Growth 10 Stock Price
Increase -16.76% -10.00% 46.90% 41.75% 15.04% 6.63% 16.95% 15.46% 40.17% -7.46% -38.90% 44.56% 14.73% <-IRR #YR-> 10 Stock Price
P/E 21.39 14.74 15.19 17.18 19.76 24.76 22.62 21.15 21.90 56.36 24.60 -59.52 5.75% <-IRR #YR-> 5 Stock Price
Trailing P/E 385.00 19.25 21.66 21.54 19.76 21.07 28.95 26.12 29.65 20.26 34.44 35.56 down
Median 10, 5 Yrs Price Inc 15.46% P/E:  21.52 21.90
-$6.93 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $27.38
-$20.70 $0.00 $0.00 $0.00 $0.00 $27.38
Low Mths Dec Mar Jun
Price Low $4.50 $4.93 $6.05 $9.83 $11.50 $14.43 $16.13 $18.05 $23.10 $12.45 $10.15 $16.76 239.96% <-Total Growth 10 Stock Price
Increase -12.28% 9.56% 22.72% 62.48% 16.99% 25.48% 11.78% 11.90% 27.98% -46.10% -18.47% 65.12% 13.02% <-IRR #YR-> 10 Stock Price
P/E 12.50 10.49 9.03 11.70 13.69 20.18 17.63 15.97 15.10 22.64 13.18 -36.43 0.77% <-IRR #YR-> 5 Stock Price
Trailing P/E 225.00 13.69 12.87 14.67 13.69 17.18 22.56 19.73 20.44 8.14 18.45 21.77 down
Median 10, 5 Yrs Price Inc 11.90% P/E:  14.39 15.10
-$4.93 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $16.76
Market Cap $M $1,072 $963 $1,516 $1,983 $2,333 $3,094 $3,313 $4,279 $5,048 $2,429 $2,848 $4,644 $3,837 $3,837
# of Sh in M 158.87 151.58 151.63 155.16 155.51 176.78 178.40 179.09 176.13 170.45 170.75 171.43 171.43 171.43 Share Capital Shares
Increase 0.01% -4.59% 0.03% 2.33% 0.23% 13.68% 0.92% 0.39% -1.65% -3.23% 0.18% 0.40% 0.00% 0.00% 1.33% <-Average 10 Shares
CF fr Op $M $221.32 $240.62 $133.92 $167.06 $122.65 -$117.15 $158.30 $97.16 -$56.69 $72.68 $562.36 $322.54 $387.43 $565.72 34.05% <-Total Growth 10 Cash Flow
OPS $1.39 $1.59 $0.88 $1.08 $0.79 -$0.66 $0.89 $0.54 -$0.32 $0.43 $3.29 $1.88 $2.26 $3.30 18.53% <-Total Growth 10 Cash Flow
Increase 210.43% 13.95% -44.36% 21.91% -26.75% -184.02% -233.90% -38.86% -159.33% -232% 672% -43% 20% 46% 1.71% <-IRR #YR-> 10 Cash Flow
non-cash $M $63.36 -$99.19 -$10.67 -$12.20 $121.86 $256.02 $50.03 $139.03 $218.59 $298.59 -$157.31 -$85.81 $0.00 $0.00 16.22% <-IRR #YR-> 5 Cash Flow
Per share NC $1.79 $0.93 $0.81 $1.00 $1.57 $0.79 $1.17 $1.32 $0.92 $2.18 $2.37 $1.38 $2.26 $3.30 4.00% <-IRR #YR-> 10 Cash Flow
P/O on Cl 3.8 6.8 12.3 12.8 9.5 22.3 15.9 18.1 31.2 6.5 7.0 19.6 9.9 6.8 3.41% <-IRR #YR-> 5 Cash Flow
*Operational Cash Flow per share and CF excluding non-cash or working  capital items. P/CF Ave 10 Yrs 14.35 5 Yrs 18.12 <--has negative cash flows in some yrs.
-$1.59 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.88
-$0.89 $0.00 $0.00 $0.00 $0.00 $1.88
-$0.93 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.38
-$1.17 $0.00 $0.00 $0.00 $0.00 $1.38
OPM 9.9% 9.8% 4.1% 5.2% 3.4% -2.8% 3.3% 2.0% -1.0% 1.2% 11.9% 6.9% 7.0% should be zero, it is a check on calculations
Diff from Ave 196.8% 192.5% 23.3% 55.8% 2.1% -184.2% -2.1% -40.1% -129.9% -63.7% 255.0% 107.8% 109.4% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 3.34% 5 Yrs 2.00%
Curr Assets $1,060.1 $1,040.7 $1,237.2 $1,287.6 $1,416.9 $1,759.0 $1,814.8 $2,232.0 $2,248.9 $2,814.8 $2,083.7 $2,378.5 $2,832.7 Liq ratio of 1.5 and up, best Assets
Curr Liab. $789.5 $965.6 $1,274.7 $1,215.8 $1,203.6 $1,405.0 $1,324.0 $1,637.7 $1,725.4 $1,516.3 $945.0 $1,308.1 $1,717.2 1.33 <-Median-> 10 Liabilities
Liquidity 1.34 1.08 0.97 1.06 1.18 1.25 1.37 1.36 1.30 1.86 2.20 1.82 1.65 1.82 <-Median-> 5 Ratio
Assets $2,026.2 $2,157.6 $3,038.8 $3,162.5 $3,428.6 $3,804.0 $3,736.4 $4,200.8 $4,134.2 $4,720.4 $3,671.4 $3,613.6 $4,086.8 A/L ratio of 1.5 and up, best Assets
Liab. $1,329.6 $1,459.2 $1,837.9 $1,807.2 $2,045.0 $2,477.8 $2,323.4 $2,576.3 $2,516.4 $3,153.3 $2,155.7 $2,227.1 $2,773.8 1.64 <-Median-> 10 Liabilities
Liquidity 1.52 1.48 1.65 1.75 1.68 1.54 1.61 1.63 1.64 1.50 1.70 1.62 1.47 1.63 <-Median-> 5 Ratio
down
Book Value $697 $698 $776 $930 $959 $1,326 $1,413 $1,624 $1,618 $1,567 $1,516 $1,387 $1,313 98.54% <-Total Growth 10 Book Value
BV per share $4.38 $4.61 $5.12 $6.00 $6.16 $7.50 $7.92 $9.07 $9.19 $9.19 $8.88 $8.09 $7.66 75.55% <-Total Growth 10 Book Value
Change 2.90% 5.08% 11.06% 17.19% 2.80% 21.70% 5.57% 14.52% 1.27% 0.10% -3.45% -8.88% -5.31% 1.4114 Current/Historical Book Value
P/BV (CL) 1.54 1.38 1.95 2.13 2.43 2.33 2.34 2.63 3.12 1.55 1.88 3.35 2.92 5.79% <-IRR #YR-> 10 Book Value
Change 19.71% -10.47% 41.80% 9.06% 14.17% -4.14% 0.51% 12.36% 18.44% -50.33% 21.24% 78.24% -12.76% 0.42% <-IRR #YR-> 5 Book Value
Leverage (A/BK) 2.91 3.09 3.92 3.40 3.58 2.87 2.64 2.59 2.56 3.01 2.42 2.61 3.11 2.76 <-Median-> 10 A/BV
Debt/Equity Ratio 1.91 2.09 2.37 1.94 2.13 1.87 1.64 1.59 1.56 2.01 1.42 1.61 2.11 1.76 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Ave 2.37 5 yr Ave 2.51
-$4.61 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $8.09
-$7.92 $0.00 $0.00 $0.00 $0.00 $8.09
ROE 15.4% 7.9% 9.7% 0.9% -4.2% 7.86% <-Median-> 5 Compreh. Inc
Comprehensive Inc $250.17 $127.18 $151.78 $13.40 -$58.85 Compreh. Inc
ROE 8.6% 10.5% 13.4% 14.2% 13.8% 8.7% 11.6% 12.6% 17.2% 6.1% 8.6% 12.3% 18.2% Net Income/Shareholders' equity
5Yr Median 10.5% 10.5% 10.5% 13.4% 13.4% 13.4% 12.6% 12.6% 11.6% 11.6% 12.3% 12.3%
Real continuing operations
$1.00
Net Income $59.60 $73.39 $103.92 $132.25 $131.95 $114.95 $164.03 $204.08 $278.06 $96.00 $130.82 $170.72 $238.84 <12 mths 132.61% <-Total Growth 10 Net Income
Oper C. F. $221.32 $240.62 $133.92 $167.06 $122.65 -$117.15 $158.30 $97.16 -$56.69 $72.68 $562.36 $322.54 C F Statement  Oper C. F.
Invest. C. F -$9.02 -$229.94 -$610.68 $49.11 -$314.35 -$76.83 -$44.86 $107.81 $181.34 $43.25 -$48.45 $48.41 C F Statement  Invest. C. F
Total Accruals -$152.70 $62.72 $580.68 -$83.92 $323.65 $308.93 $50.59 -$0.89 $153.41 -$19.93 -$383.09 -$200.24 Accruals
Total Assets $2,026.2 $2,157.6 $3,038.8 $3,162.5 $3,428.6 $3,804.0 $3,736.4 $4,200.8 $4,134.2 $4,720.4 $3,671.4 $3,613.6 Balance Sheet Assets
Accruals Ratio -7.54% 2.91% 19.11% -2.65% 9.44% 8.12% 1.35% -0.02% 3.71% -0.42% -10.43% -5.54% <--- Ratio
up/down/neutral
Chge in Close 23.18% -5.93% 57.48% 27.80% 17.37% 16.67% 6.11% 28.68% 19.94% -50.28% 17.05% 62.41%
Any Predictions?
Fin. C. F $91.03 -$103.24 $502.61 -$253.79 $209.19 $137.81 -$97.25 -$157.08 -$129.02 $163.69 -$409.82 -$198.82 C F Statement  Fin. C. F
Total Accruals -$243.74 $165.96 $78.07 $169.87 $114.46 $171.12 $147.84 $156.19 $282.43 -$183.62 $26.73 -$1.42 Accruals
Accruals Ratio -12.03% 7.69% 2.57% 5.37% 3.34% 4.50% 3.96% 3.72% 6.83% -3.89% 0.73% -0.04% Ratio
Accrual Ratio lower, better
Nov 7, 2011.  Last I looked I got estimates for 2010 and 2011 of $.95 and $1.40 for earnings and $1.84 and $2.26 for cash flow.  Used earnings from continuing operations for Net Income, Graham Price.
Admin expense down in 2009.  $1.3 $1.1 -14.43%
Sep 25, 2010.  Earning estimates for 2009 and 2010 were $1.40 and $1.53 when I last looked.
AR 2007.  This is in the same industry as Toromont. Company does not look bad, but do I want to have 2 companies in this business? Lack of Cash Flow a problem.
***Payout Ratio of Dividends to Cash Flow is using CF excluding Non-Cash Items (i.e. Working Capital changes)
How they make their money.
This company sells, rents and provides customer support services for Caterpillar equipment and engines. They cover Canada, UK, Argentina, Bolivia, Chile and Uruguay.
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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