While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.
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/
Genivar Inc. TSX: GNV http://www.genivar.com Fiscal Yr: Dec 31 Q1 2012
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 12/30/12 12/30/13 #Y
Accounting Rules C GAAP C GAAP C GAAP IFRS IFRS IFRS
Revenue* $109.8 $257.2 $387.8 $477.9 $580.4 $651.9 $621.0 $711.0 493.80% <-Total Growth 5 Revenue
Increase 134.29% 50.78% 23.24% 21.45% 12.31% -4.74% 14.49% #NUM! <-IRR #YR-> 10 Revenue
Rev per Share $9.98 $19.98 $27.16 $26.40 $32.06 $19.97 $19.03 $21.78 42.80% <-IRR #YR-> 4 Revenue
P/S (Price/Sales) 1.37 1.32 0.93 1.02 0.95 1.32 1.27 1.11 #NUM! <-IRR #YR-> 10 Rev Per share
*Revenue in M CDN $  P/S 10 yr  1.17 5 yr  1.02 14.88% <-IRR #YR-> 5 Rev Per share
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $651.9
-$109.8 $0.0 $0.0 $0.0 $0.0 $651.9
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $19.97
-$9.98 $0.00 $0.00 $0.00 $0.00 $19.97
EPS* $0.58 $1.32 $1.95 $2.06 $1.70 $1.91 $1.63 $1.89 229.31% <-Total Growth 5 Earnings
Increase 127.59% 47.73% 5.64% -17.48% 12.35% -14.66% 15.95% #NUM! <-IRR #YR-> 10 Earnings
Earnings Yield 4.2% 5.0% 7.7% 7.6% 5.6% 7.3% 6.7% 7.8% 9.68% <-IRR #YR-> 5 Earnings
* ESP per share  E/P 10 Yrs 6.42% 5Yrs 7.26%
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.91
-$1.32 $0.00 $0.00 $0.00 $1.91
Total Div $0.52 $1.00 $1.21 $1.95 $1.50 $1.80 $1.50 $1.50 248.16% <-Total Growth 5 Dividends
Increase 92.65% 21.08% 61.69% -23.08% 20.00% -16.67% 0.00% 21.08% <-Median-> 5 Dividends
Special Dividend $0.00 $0.00 $0.00 $0.45 $0.00 $0.30 $0.00 $0.00 0.00% <-Median-> 6 Dividends
Dividend* $0.52 $1.00 $1.21 $1.50 $1.50 $1.50 $1.50 $1.50 190.14% <-Total Growth 5 Dividends
Increase 92.65% 21.08% 24.38% 0.00% 0.00% 0.00% 0.00% 21.08% <-Median-> 5 Dividends
Yield H/L 4.47% 4.74% 5.17% 6.20% 5.41% 5.47% 5.29% <-Median-> 6 Dividends
Yield on High 3.72% 3.47% 4.13% 5.39% 4.93% 4.34% 4.24% <-Median-> 6 Dividends
Yield on Low 5.59% 7.52% 6.91% 7.32% 6.00% 7.40% 7.11% <-Median-> 6 Dividends
Yield on Cl 3.77% 3.79% 4.79% 5.55% 4.93% 5.70% 6.19% 6.19% 4.86% <-Median-> 6 Dividends
Payout Ratio 89.1% 75.5% 61.8% 94.7% 88.2% 94.2% 92.0% 79.4% 88.69% <-Median-> 6 DPR EPS
Payout Ratio CF 42.7% 40.3% 44.9% 51.6% 44.4% 67.5% 51.7% #DIV/0! 44.69% <-Median-> 6 DPR CF
Payout Ratio CF NC 33.0% 31.8% 27.2% 48.4% 33.2% 86.7% 33.13% <-Median-> 6 DPR CF NC
Median 5 Yrs Div Yd 7.17% 5 8.32% 10 Yield  5.41% 4.93% Payout 88.24% 44.93% #NUM! <-IRR #YR-> 10 Dividends
* Dividends per share  3.0% Years 3.0% Years Curr diff 14.32% Last Div Inc ---> $0.38 $0.38 23.74% <-IRR #YR-> 5 Dividends
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.50
-$0.52 $0.00 $0.00 $0.00 $0.00 $1.50
Div Gr, Cap Gain # yrs -> 1 Div Gr 0.00% Cap Gain 2.58%
I am earning Div start $1.50 6.35% Trading $23.63 2011 6.35%
H/LYield held 5 yrs 12.96% 7.14% 6.43% 12.96% <-Median-> 1 Dividends
H/LYield held 10 yrs #DIV/0! #DIV/0! #NUM! <-Median-> 0 Dividends
Graham No. $11.41 $18.34 $23.64 $26.65 $23.93 $25.69 $23.81 $25.64 125.18% <-Total Growth 5 Graham Price
Prem /Disc.Med H/L 1.41% 14.48% -1.30% -9.29% 15.78% 6.67% 4.04% <-Median-> 6 Graham Price
Prem /Disc. High 21.74% 56.71% 23.55% 4.50% 27.14% 34.48% 25.35% <-Median-> 6 Graham Price
Prem /Disc. Low -18.93% -27.75% -26.15% -23.08% 4.41% -21.14% -22.11% <-Median-> 6 Graham Price
Prem /Disc. Cl 20.08% 43.41% 6.59% 1.50% 27.14% 2.45% 1.79% -5.47% 13.33% <-Median-> 6 Graham Price
Price/GP Ratio 1.20 1.43 1.07 1.02 1.27 1.02 1.02 0.95 1.13 <-Median-> 6 Price/GP Ratio
Price Cl $10.00 $13.70 $26.30 $25.20 $27.05 $30.43 $26.32 $24.24 $24.24 92.12% <-Total Growth 5 Stock Price
Increase 91.97% -4.18% 7.34% 12.50% -13.51% -7.90% 0.00% #NUM! <-IRR #YR-> 10 Stock Price
P/E 23.62 19.92 12.92 13.13 17.90 13.78 14.87 12.83 13.95% <-IRR #YR-> 5 Stock Price
Trailing P/E 45.34 19.09 13.87 14.77 15.48 12.69 14.87 #NUM! <-IRR #YR-> 10 Price & Div
Median 10, 5 Yrs D.  per yr #NUM! 8.22% % Tot Ret #NUM! 37.07% Price Inc 7.34% P/E:  15.84 13.78 22.17% <-IRR #YR-> 5 Price & Div
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $26.32
-$13.70 $0.00 $0.00 $0.00 $0.00 $26.32
$0.00 $0.00 $0.00 $0.00 $0.00 $0.52 $1.00 $1.21 $1.95 $1.50 $28.12
-$13.70 $1.00 $1.21 $1.95 $1.50 $28.12
Price H/L Median $11.57 $21.00 $23.34 $24.18 $27.71 $27.41 136.86% <-Total Growth 5 Stock Price
Increase 81.46% 11.15% 3.60% 14.62% -1.10% #NUM! <-IRR #YR-> 10 Stock Price
P/E 19.95 15.91 11.97 11.74 16.30 14.35 6.89% <-IRR #YR-> 5 Stock Price
Trailing P/E 36.20 17.68 12.40 13.45 16.12 #NUM! <-IRR #YR-> 10 Price & Div
Median 10, 5 Yrs D.  per yr #NUM! 6.91% % Tot Ret #NUM! 50.10% Price Inc 11.15% P/E:  15.13 14.35 13.80% <-IRR #YR-> 5 Price & Div
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $27.41
-$21.00 $0.00 $0.00 $0.00 $27.41
$0.00 $0.00 $0.00 $0.00 $0.00 $0.52 $1.00 $1.21 $1.95 $1.50 $29.21
-$21.00 $1.21 $1.95 $1.50 $29.21
Hi Mths Dec Nov Mar Dec Dec Feb
Price Hi $13.89 $28.74 $29.21 $27.85 $30.43 $34.55 148.74% <-Total Growth 5 Stock Price
Increase 106.91% 1.64% -4.66% 9.26% 13.54% #NUM! <-IRR #YR-> 10 Stock Price
P/E 23.95 21.77 14.98 13.52 17.90 18.09 19.99% <-IRR #YR-> 5 Stock Price
Trailing P/E 49.55 22.13 14.28 14.77 20.32
Median 10, 5 Yrs Price Inc 9.26% P/E: Y-T 17.99 17.90
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $34.55
-$13.89 $0.00 $0.00 $0.00 $0.00 $34.55
Low Mths Oct Jan Oct Mar Jul Oct
Price Low $9.25 $13.25 $17.46 $20.50 $24.99 $20.26 119.03% <-Total Growth 5 Stock Price
Increase 43.24% 31.77% 17.41% 21.90% -18.93% #NUM! <-IRR #YR-> 10 Stock Price
P/E 15.95 10.04 8.95 9.95 14.70 10.61 16.98% <-IRR #YR-> 5 Stock Price
Trailing P/E 22.84 13.23 10.51 12.13 11.92
Median 10, 5 Yrs Price Inc 21.90% P/E: Y-T 10.32 10.04
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $20.26
Market Cap $100 $151 $339 $360 $490 $551 $859 $791 $791
Start
# of Sh in M 10.000 11.000 12.871 14.277 18.104 18.104 32.638 32.638 32.638 #NUM! <-IRR #YR-> 10 Shares
Increase 10.00% 17.01% 10.93% 26.80% 0.00% 80.28% 0.00% 0.00% 24.30% <-IRR #YR-> 5 Shares
CF fr Op $M $13.3 $31.8 $38.3 $52.6 $61.1 $72.5 $94.6 $0.0 Covers Investing C.F. and dividends? Cash Flow
OPS $1.21 $2.47 $2.68 $2.90 $3.37 $2.22 $2.90 $0.00 83.37% <-Total Growth 5 Cash Flow
Increase 103.86% 8.63% 8.21% 16.20% -34.15% 30.49% -100.00% #NUM! <-IRR #YR-> 10 Cash Flow
Non-Cash CF $3.9 $8.5 $25.0 $20.4 $20.6 -$4.8 12.89% <-IRR #YR-> 5 Cash Flow
OPS non-cash $1.57 $3.13 $4.43 $4.03 $4.51 $2.08 $2.90 $0.00 #NUM! <-IRR #YR-> 10 CF - non cash
Increase 99.84% 41.75% -9.11% 12.03% -54.03% 39.72% -100.00% 5.80% <-IRR #YR-> 5 CF - non cash
P/OCF on Close 8.75 8.41 5.68 6.71 6.74 12.68 8.36 #DIV/0!
*Operational Cash Flow per share P/CF 10 yr 7.57 5 yr  6.74
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.22
-$1.21 $0.00 $0.00 $0.00 $0.00 $2.22
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.08
-$1.57 $0.00 $0.00 $0.00 $0.00 $2.08
OPM 12.14% 12.36% 9.88% 11.00% 10.53% 11.13% should be zero, it is a check on calculations
Diff from Median 9.8% 11.7% -10.7% -0.6% -4.9% 0.6% 0.00 <-Median-> 6 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 11.06% 5 Yrs 11.00%
Current Assets $78.44 $116.55 $178.46 $251.15 $290.36 $408.86 $331.90 Liq ratio of 1.5 and up, best Assets
Current Liabilities $58.31 $64.79 $121.73 $116.21 $145.38 $158.07 $157.20 1.90 <-Median-> 6 Liabilities
Liquidity 1.35 1.80 1.47 2.16 2.00 2.59 2.11 <---- 2.00 <-Median-> 5 Ratio
Liq. with CF aft div 1.48 2.09 1.64 2.38 2.23 2.74 2.40
Liq. CF re  Inv+Div  1.48 2.09 1.64 2.38 2.23 2.74 2.40
Assets $248.84 $305.97 $427.38 $533.10 $613.97 $726.05 $688.92 Debt ratio of 1.5 and up, best Assets
Liabilities $60.04 $66.72 $133.66 $127.34 $213.76 $224.68 $184.13 3.69 <-Median-> 6 Liabilities
Debt Ratio 4.14 4.59 3.20 4.19 2.87 3.23 3.74 <---- 3.23 <-Median-> 5 Ratio
Non-Cont. Int 79.07 93.51 111.83 128.36 129.09 0.10 0.11
Book Value 109.72 145.75 181.89 277.39 271.12 501.28 504.68 356.86% <-Total Growth 5 Book Value
BV per share $9.97 $11.32 $12.74 $15.32 $14.98 $15.36 $15.46 $15.46 53.98% <-Total Growth 5 Book Value
Change 13.53% 12.50% 20.28% -2.26% 2.56% 0.68% 0.00% 0.8375 Current/Historical Book Value
P/BV (CL) 1.37 2.32 1.98 1.77 2.03 1.71 1.57 1.57 #NUM! <-IRR #YR-> 10 Book Value
Change 69.10% -14.83% -10.75% 15.10% -15.66% -8.52% 0.00% 9.02% <-IRR #YR-> 5 Book Value
Leverage (A/BK) 2.27 2.10 2.35 1.92 2.26 1.45 1.37 2.18 <-Median-> 6 A/BV
Debt/Equity Ratio 0.55 0.46 0.73 0.46 0.79 0.45 0.36 0.50 <-Median-> 6 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Ave 1.87 5 yr Ave 1.98
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $15.36
-$9.97 $0.00 $0.00 $0.00 $0.00 $15.36
ROE 5.8% 10.5% 15.8% 11.2% 11.4% 10.0% 11.2% <-Median-> 5 Compreh. Inc
Comprehensive Inc $6.34 $15.30 $28.82 $31.09 $30.84 $50.12 Compreh. Inc
5Yr Median 11.2% 11.2%
Return on Assets 2.5% 6.3% 6.0% 5.8% 5.0% 6.9% Net Income/Assets ROA
5Yr Median 5.8% 6.0% 6.0% <-Median-> 5 ROA
ROE 5.8% 13.2% 14.2% 11.2% 11.4% 10.0% Net Income/Shareholders' equity
5Yr Median 5.8% 9.5% 13.2% 12.2% 11.4% 11.4%
Net Income $6.34 $19.30 $25.82 $31.09 $30.84 $50.05 688.97% <-Total Growth 5 Net Income
Operating Cash Flow $13.33 $31.80 $38.32 $52.58 $61.10 $72.54 C F Statement  Oper C. F.
Investment Cash Flow -$38.81 -$30.38 -$63.39 -$37.52 -$74.67 -$29.40 C F Statement  Invest. C. F
Total Accruals $31.82 $17.87 $50.89 $16.03 $44.41 $6.92 Accruals
Total Assets $248.84 $305.97 $427.38 $533.10 $613.97 $726.05 Balance Sheet Assets
Accruals Ratio 12.79% 5.84% 11.91% 3.01% 7.23% 0.95% Ratio
EPS/CF Ratio 0.37 0.42 0.44 0.51 0.38 0.92 0.56 #DIV/0! Should not be higher than 1.00
Chge in Close 91.97% -4.18% 7.34% 12.50% -13.51%
Any Predictions?
Financial. Cash Flow $33.66 $3.24 $26.93 $22.12 -$11.35 $73.93 C F Statement  Fin. C. F
Total Accruals -$1.84 $14.63 $23.96 -$6.09 $55.77 -$67.02 Accruals
Accruals Ratio -0.74% 4.78% 5.61% -1.14% 9.08% -9.23% Ratio
Cash $8.19 $12.86 $14.71 $51.89 $26.96 $144.03
May 12, 2012.  Last estimates I got were for 2011 and 2012 of $533.9M and $591.6M for revenues, $1.71 and $2.05 for EPS and $2.50 and $2.90 for CF.
Shares increased in 2011 for two reasons: 1. to buy out non-controling interest and to raise money.
Earnings in 2011 included one-time deferred income tax recovery in 2011 resulting from a change in legal structure.  Without it earnings would have been $1.63
Jan 1, 2011.  Genivar Income Fund (GNV.UN) becomes Genivar Inc. (GNV)
Genvar Income Trust was started 25 May 2006
How they make their money.
Genivar Inc. is an engineering services firm providing private and public-sector clients with a complete range of professional consulting services throughout all project phases, including planning, design, 
construction and maintenance.  Mainly in Ontario and Quebec, but has some international exposure.
KEEP EYE ON DIVIDENDS.  THEY MAY NOT DO FUTURE INCREASES.
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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http://www.theglobeandmail.com/globe-investor/personal-finance/ted-rechtshaffen/an-opportune-time-to-create-a-great-portfolio/article2167685/
Build your own pension with top dividend stocks
So where are we today? Can we find some examples of great stocks to build a pension portfolio?
As an example, below are six profitable, growing companies that have a dividend payout ratio of less than 80 per cent and whose dividend yield has grown over 25 per cent from six months ago:
Not true for Genivar, but they did pay a special dividend in 2011, which brought the dividend paid this year to 20% more than paid last year.
Company Name, Dividend Yield 
• Canfor Pulp Products (CFX-T15.40-0.09-0.58%), 10.5 per cent
• Genivar (GNV-T24.70-0.44-1.75%), 5.9 per cent
• Just Energy (JE-T11.89-0.06-0.50%), 10.3 per cent
• Cellcom Israel (CEL-N21.750.301.40%) (U.S.) 12.8 per cent
• Greif Inc. (GEF-N48.08-0.59-1.21%) (U.S.) 5.4 per cent
• First Niagara Financial Group(FNFG-Q10.46-0.29-2.70%) (U.S.) 6.1 per cent
All Canadian companies mentioned above have a market capitalization of at least $500-million, and the U.S. companies have a market capitalization of at least $1-billion.
As of December 31, 2010, the shareholders of GENIVAR Inc. (the "Shareholders") hold a 33.35% indirect interest in the Fund and the unitholders (the "Unitholders") 
hold a 66.65% direct interest in the Fund. Under the Arrangement, Unitholders will receive, for each unit of the Fund held, one common share of New GENIVAR for 
an aggregate of 18,103,589 common shares in New GENIVAR and the Shareholders will receive an aggregate of 7,908,294 common shares of New GENIVAR in 
exchange for their 33.35% indirect interest in the Fund. As of January 1st, 2011, there will be 26,011,883 common shares of New GENIVAR outstanding and the 
former Shareholders and the former Unitholders will respectively hold a 30.40% and 69.60% interest in New GENIVAR.
A must better write up on this company is at this link.
http://canadiandividendstock.com/genivar-gnv/ 
Shoiry, Pierre; CEO  0.800 $19,393,818
Ettehadieh, Ali; officer 0.560 $13,579,854
Perreault, François 0.250 $6,061,770
Tremblay, Éric 0.503 $12,182,709
Institutions 9.788
37 owing 29.79% 0.488 5.25%
9.300